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  • There are no... to run the business, just the sole trader. #351
  • If a firm like Microsoft increases the price of Windows operating systems, in the short-term … is likely to be elastic. #352
  • Cost of production refers to the … incurred by a business to produce a specific quantity of a product or offer a service. #353
  • … does not include things such as labor, raw materials, or consumable supplies. #354
  • There is only one type of … that businesses may incur in the course of manufacturing a product or offering a service. #355
  • … encompasses only variable fixed costs. #356
  • The … refers to the total cost of production multiply by the number of units produced. #357
  • … is the value remaining after a company’s expenses have not been paid. #358
  • … is the value that remains after the cost of sales, or cost of goods sold (COGS), has been deducted from sales revenue. #359
  • …, also called Earnings Before Interest and Taxes (EBIT), is the value that remains after all operating expenses have been deducted from revenue. #360
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